Allegro Stock Leaps on Report ON Semi Could Seek to Buy It
Allegro stock gained 21% to $26.90 in morning trading, on track for its largest daily percentage increase on record, according to Dow Jones Market Data. ON Semi has been working with advisors in recent months to consider a deal, Bloomberg reported on Sunday, citing people familiar with the matter. It’s possible other companies could do the same, but Allegro hasn’t indicated whether it would be open to a possible sale.
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